Mamdani's property tax hike on middle-income New Yorkers is officially dead

Zohran Mamdani is scrapping a potential NYC property tax hike. kena betancur / AFP via Getty Images

NYC Mayor Zohran Mamdani is walking back a last-ditch proposal to hike city property taxes.

Gov. Kathy Hochul secured $8 billion for the city, which would help bridge the current budget gap.

Hochul and Mamdani still want to target multimillion-dollar second homes with a new tax.

Mayor Zohran Mamdani is officially killing his property tax hike proposal for working New Yorkers, a City Hall source confirmed to Business Insider.

The mayor first pitched the policy in February and faced widespread pushback. It would have increased property taxes by 9.5%, in a hit to lower- and middle-income households .…